In this state of the world, my lords, when all the powers of the continent appear benumbed by a lethargy, or shackled by a panick, to what purpose should we lavish, in hiring and transporting troops, that wealth which contests of nearer importance immediately require? It is well known to our merchants, whose ships are every day seized by privateers, that we are at war with Spain, and that our commerce is every day impaired by the depredations of an enemy, whom only our own negligence enables to resist us; but I doubt, my lords, whether it is known in Spain, that their monarch is at war with Britain, otherwise than by the riches of our nation, which are distributed among their privateers, and the prisoners who in the towns on the coast are wandering in the streets. For I know no inconvenience which they can be supposed to feel from our hostilities, nor in what part of the world the war against them is carried on. Before the war was declared, it is well remembered by whom, and with how great vehemence, it was every day repeated, that to end the war with honour we ought to _take and hold_. What, my lords, do we _hold_, or what have we _taken_? What has the war produced in its whole course from one year to another, but defeats, losses, and ignominy? And how shall we regain our honour, or retrieve our wealth, by engaging in another war more dangerous but less necessary? We ought surely to humble Spain, before we presume to attack France; and we may attack France with better prospects of success, when we have no other enemy to divert our attention, or divide our forces.